UK MEN TO TAKE FULL ADVANTAGE OF PENSION REFORM CHANGES…THAT’S IF THEY HAVE ONE!

• Men are set to cash in five times as much money from their pension as women

• The average male will cash in £21,143 of his pension with women taking out just £4,861

• One in 50 men (2%) confess they have no intention of telling their partner what they’ll get up to with their pension pot

• But, an alarming 1/3 of over 55s do not have a pension at all

London, 2 April 2015 – New research out today has revealed that men will be taking most advantage of the new pension legislation when it comes into force on Monday 6th April - with men set to cash more than four times as much money from their pension pot as women, with many planning to embark on a secret spending spree according to over 50s experts Silversurfers.com.

The research also reveals that the average man aged over 55 will cash in £21,143 of his pension after April 6, with women taking out just £4,861. More than one in 20 men (6%) plan to go on the holiday of a lifetime, while the UK car industry looks to be in line for a boost with 5% saying they will finally buy the motor they always wanted.

Meanwhile one in 50 men (2%) confess they have no intention of telling their partner what they’ll get up to with their pension pot. Indeed 1% plans to leave their other half once the money comes in.

As a whole, a staggering 1/3 (32%) of over 55s don’t have a pension at all, and of those that do a quarter don’t know how much pension they have. Therefore it’s no surprise that 44% will not be cashing in any of their pension and 17% will be cashing in a percentage of their pension.

What will they do with their pension lump sum?

Those approaching retirement say they will draw down money from their pension to go on a student style gap year. One in nine (11%) admit they would love to take off round the globe, with one in 50 (2%) saying they will definitely head off for at least 12 months.

Many of these will be fulfilling a long-time desire - 5% say they plan to travel because they didn't get a chance to take a gap year when younger. The top destinations on their hitlist include North America (5%) and New Zealand or Australia (5%), while 2% intend to visit China.

Martin Lock, CEO, Silversurfers.com says: “Most men say that women are the ones who enjoy shopping and splashing out, but these results show a different picture. It seems that later in life it's men who become the ‘SilverSpenders', even if that means cashing in some of their hard won pension. Perhaps this is due to the sense of freedom they may feel at being able to indulge themselves a bit.

“On a more serious note though, it's the alarming number of people who don't have a pension that we should be concerned about. Without anything to fall back on in retirement the burden will be on the next generation to support them."

British reserve and family values

The study shows that the typical Brit will draw down 5% of their pension, with men's spending plans significantly higher than women's (planning to take out 8% of their pot compared to 4% for women).

Many admit they are coming under pressure from their children to help them out. One six (16%) say their children could do with assistance from their pension to help them get on the property ladder.

However, just 7% of over 55s say they are actually willing and able to help in this way. Those who may be less benevolent presumably include the 1% planning to fund cosmetic surgery for themselves.

Reassuringly, it seems the over 55s are actually a social and loyal bunch, with family and friends being in the top five things which make them most happy in life, although money and job satisfaction and getting divorced also make their top 10!

About the Silversurfers.com survey
The survey of 1,000 people was carried out by Mortar London.

About Silversurfers.com
Silversurfers.com is a unique and informative lifestyle website and social network exclusively for the online community of over 50s. The site was developed by an experienced team all aged over 50 in response to the growing number of internet users aged over 50, which currently stands at over 15 million. The management team has extensive knowledge of the digital world. Commercial, editorial, marketing, sales and digital expertise is supported by a diverse board which is guiding the business’s rapid growth.
Silversurfers.com is a trusted and friendly online community environment providing news, reviews, features and offers from leading brands. Key sections include: Silvercard+, Speakers Corner-(where visitors can vote and comment on a large range of subjects), “Best of The Web”: (a round-up of useful websites covering over 200 topics ranging from health and wellbeing, travel and finance to cars, technology, sport and gardening) and Silverfriends, an online friendship site for the over 50s.
Its widely-used community and social media sites (the largest UK over 50s social media Facebook site with +225,000 followers with average interaction rates up to half a million per week) provide an integrated social experience for users who want to meet new friends, connect with old friends and share information online.